What effect? There are legion.
Mostly what I'm seeing is blend modes and opacity with color effects applied to the top layer. This, for example, is a colored version of the out of frame film strip set on top of the video background with it's blend mode set to overlay. There is also a white solid over the background video with the blend mode set to screen with an opacity adjustment.
Throughout the video it looks like a fractal noise layer has been applied with the color set to a yellow and the blend mode set to overlay or maybe even color.
There's nothing here but layers, transparency and blend modes. Experiment to get what you want.
Now, if you want to talk about the transitions, the camera shake, the exposure changes and the rest, that's a different matter.
Thanks rick that's helpful and yes i do want to talk about camera shake. What would you suggest?
Camera shake is nothing more than keyframes or a wiggle expression combined with motion blur. One of the best ways to simulate camera shake is to take any kind of video camera, even a phone, and shoot something that is easy to track. Use AE's point tracker to track the motion and then apply those keyframes to your footage. Just make sure that you hold basically the same framing that is in the original shot.
Also, it's usually a good idea to increase the shutter angle in the Composition>Advanced settings to increase the motion blur you get with shaking.
There are a bunch of tutorials out there on adding camera shake in AE. Most of the time I use the video from my phone trick. It always looks real because it is. EZ and cheap is just to open up the position property and add this expression: wiggle(10, 15)
Then adjust the numbers until you get something you like. The first number is the frequency or number of wiggles per second, the second is the number of pixels you want to move.
Thanks Rick, that's extremely helpful, i'll put it into practise!